Conte, Sanchez press for EU Recovery Fund deal this month

Meeting in Madrid on Wednesday the prime ministers of Italy Giuseppe Conte and of Spain Pedro Sanchez agreed a Recovery Fund deal must be reached by the EU by the end of this month, ANSA reported.

At a joint press conference Conte stressed that Madrid was the second stage, after Lisbon, of his tour of EU capitals to drum up support for a Recovery Fund deal this month. He pointed out there should be "no giving way" on the European Commission's initial proposal of a €750bn fund to come more in grants than loans.

Political sources said there was full agreement between Italy, Spain and Portugal that there should be a swift European response, with a deal by the end of this month. The three countries also agree that most of the funds must come in grants rather than loans, according to the European Commission's original € 750bn proposal. Northern European countries, on the other hand, are pushing for more loans than grants and have said there is no great hurry for an agreement.

ANSA recalls that German Chancellor Angela Merkel believes that a deal on the Recovery Fund must be reached by the end of the summer.

More on this subject: Coronavirus

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